Crypto Market Volume Drops 20% Amid Tariff Fears, Bitcoin Holds $107,000

HTX Researcher Chloe noted that as of July 1st, the 24-hour spot trading volume of the cryptocurrency market had decreased to approximately $1.04 trillion, marking a decline of over 20% from early June. Bitcoin has been consolidating around $107,000 during this period. The market is increasingly concerned about the upcoming July 9th deadline for U.S. tariffs, as the anticipated rise in import costs and the tightening of U.S. dollar liquidity could dampen risk appetite.

The "Pennsylvania Plan" proposed by Deutsche Bank has started to gain traction. This plan aims to boost domestic support for government bonds through regulatory exemptions, tax incentives, and stablecoin legislation, thereby promoting the widespread use of USD stablecoins.

On-chain data reveals that the demand momentum index has reached a historical low. Miner revenue has been declining, leading to increased selling pressure. In the derivatives market, open interest in Bitcoin options remains high at $90 billion, with a Put/Call ratio of 0.74. According to the CME FedWatch, the expectation of a rate cut in September has surged to over 70%, indicating that macro policy direction continues to significantly influence market sentiment.